The boss of beleaguered lender Amigo Loans said it had “learnt the lessons of the past” today as it looks to resume lending again after a two-year hiatus.
The sub-prime lender, which stopped lending in 2020 in order to deal with mis-selling complaints, reported profits of £170m today as a result of a recent Court ruling in favour of a compensation scheme for its customers.
In a statement today, boss Gary Jennison said the firm was working with the regulator as it prepared to begin lending again
“We are continuing to engage with the FCA on the terms of Amigo’s return to lending, and we are thankful to them for working closely with us over such a long period of time,” Jennison said.
“As a company, we have learnt the lessons of the past. Our executive team has changed the culture of the company and we have developed new lending products built to serve the needs of a clearly defined set of customers, for whom having access to credit can lead to better long-term financial outcomes.”
Jennison added there were “not enough providers left” in the non-standard lending sector.
Amigo is waiting for the consent of the regulator before it returns to lending with a new guarantor loan as well as an unsecured loan product under the brandname RewardRate.